Does a global investment shortage matter?

I'm getting tired of the

I'm getting tired of the "glass half empty" crowd. Now Brad DeLong has weighed in, saying that we have a "global investment deficiency".

Hmmm...we also happen to have the fastest global growth rate in almost 30 years, according to the IMF. Here is a chart of the three year average of global growth, using the IMF figures and September forecast for 2005.

Maybe investment doesn't matter that much? Or maybe (horrors), our old measures of physical investment are giving us wrong answers?

Time to limber up the old cannon.

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